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Rivian to cut 840 jobs, about 6% of workforce, from teams across the company, although layoffs will not affect manufacturing jobs; the EV maker has a workforce of about 14,000 people

Commentary: Tesla's EV price war makes it harder for startups like Rivian, Lucid to grab share in industry competing for shrinking consumer wallets; some startups may not be able to afford lower prices, as they struggle with raw material, production costs

McKinsey expects automakers to release over 400 different EV models in 2023, aside from existing brands like Tesla, Rivian already taking up market share; bulging demand also means automakers plan to bring more production facilities online in coming year

Tenneco to supply Monroe CVSA2/Kinetic H2 semi-active suspension systems, Clevite elastomer anti-vibration performance materials to Rivian; Rivian to use parts in R1T five-passenger EV pickup truck, R1S seven-passenger SUV EV

Commentary: Early stage in EV business is money-burning exercise, and companies must find ways to save money to outlast a bad economy; different approaches taken include Rivian shifting more US deliveries to rail freight, and Lordstown curtailing output

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